Selling pressure returned to the Pakistan Stock Exchange (PSX) on Monday, with the benchmark KSE-100 Index falling more than 1,200 points during the opening hours as investors opted for profit-taking after last week’s sharp rally.
The market came under pressure soon after trading began, dragging the benchmark index to an intraday low of 169,583.44 points. By 12:39pm, the KSE-100 Index had recovered some losses and was trading at 170,643.02, down 472.80 points, or 0.28 percent, from the previous close of 171,115.82.
The index moved within a day range of 169,583.44 points to 170,709.32 points, while overall traded volume stood at more than 177 million shares.
Major sectors remained under pressure during the session, including cement, commercial banks, oil and gas exploration companies, oil marketing firms and power generation companies. Heavyweight stocks such as HUBCO, Mari Energies, OGDC, PPL, PSO, SSGC, SNGPL, HBL, MCB, Meezan Bank and UBL traded in negative territory during the first half of trading.
Despite the broader weakness, some stocks attracted strong buying interest. TRG Pakistan emerged among the most active shares and surged 10 percent to Rs61.06. Other actively traded stocks included AGHA Steel Industries, Fauji Foods, Dewan Farooque Motors and Agritech Limited, all posting notable gains.
Among the top gainers, SPAC1 jumped 50 percent, while several other stocks, including DFSM, SHDT, ITANZ, MSOT, BIFO and SGPL, recorded gains close to 10 percent.
On the losing side, PKGI dropped more than 10 percent, while SERT, SHJS and SASML also remained under pressure.
The decline came after a strong recovery in the previous week, when the KSE-100 Index gained 8,121.64 points, or nearly 5 percent, as improving diplomatic sentiment surrounding a possible peace understanding between the US and Iran boosted investor confidence after weeks of geopolitical uncertainty.
The benchmark index had started last week at 162,994.17 points before ending at 171,115.81 points.
Global markets also remained cautious on Monday as concerns over tensions involving the US and Iran pushed oil prices higher and supported the US dollar.
Reports suggested talks between Washington and Tehran had reached a deadlock, keeping investors worried about the future of the Strait of Hormuz, a key global oil shipping route.
In Asia, Japan’s Nikkei index slipped 0.36 percent, while South Korea’s KOSPI rose 4 percent, supported by gains in technology and semiconductor stocks. US stock futures also edged lower after recent record highs on Wall Street driven by strong corporate earnings and upbeat economic data.
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